Chicago “Junking” Triggers $2.2 Billion Payment, Deepening Financial Crisis

by Tyler Durden
ZeroHedge.com
05/13/2015

Following an Illinois Supreme Court ruling that struck down a pension reform plan aimed at closing a $100 billion funding gap, Moody’s downgrades Chicago to junk, giving the city the dubious distinction of being the only major city “in recent history” to carry such a low rating other than Detroit. Chicago now faces accelerated payments to creditors of more than $2 billion.

The Rest…HERE

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